NADCO, the trade association for the nation's Certified Development Companies (CDCs), reports the following SBA 504 fixed interest rates for January 2020:

The rates below are those quoted by NADCO. The Debenture Rate is the base P&I rate of the loan. The Effective Rate includes three servicing fees built into the monthly payment over the full-term of the loan and the closing costs that are added to the loan. The Effective Rate is not an APR. Click here for an explanation of how the interest rates are calculated. Interest rates are typically set on the first Tuesday of a month, with loans funding on the second Wednesday of the month.

 

20-Year Loan
	Base Rate	Standard Effective Rate	Refinancing Effective Rate
January 2020	2.32%	3.64%	3.65%
December 2019	2.26%	3.58%	3.58%
November 2019	2.36%	3.74%	3.78%
October 2019	2.08%	3.46%	3.50%
September 2019	1.98%	3.36%	3.39%
August 2019	2.15%	3.53%	3.57%
July 2019	2.53%	3.91%	3.95%
June 2019	2.60%	3.98%	4.02%
May 2019	2.88%	4.27%	4.30%
April 2019	2.98%	4.37%	4.40%
March 2019	3.20%	4.59%	4.62%
February 2019	3.26%	4.65%	4.68%
January 2019	3.37%	4.76%	4.79%
25-Year Loan
	Base Rate	Standard Effective Rate	Refinancing Effective Rate
January 2020	2.45%	3.71%	3.72%
December 2019	2.38%	3.64%	3.73%
November 2019	2.48%	3.80%	3.83%
October 2019	2.22%	3.54%	3.57%
September 2019	2.14%	3.46%	3.49%
August 2019	2.31%	3.63%	3.66%
July 2019	2.69%	4.01%	4.04%
June 2019	2.77%	4.09%	4.12%
May 2019	3.07%	4.39%	4.42%
April 2019	3.21%	4.53%	4.56%
March 2019	3.42%	4.74%	4.77%
February 2019	3.45%	4.77%	4.80%
January 2019	3.56%	4.88%	4.91%
10-Year Loan- sold every other month
	Base Rate	Standard Effective Rate	Refinancing Effective Rate
January 2020	2.18%	3.80%	3.84%*
November 2019	2.24%	3.93%	3.97%*
September 2019	1.88%	3.56%	3.60%
July 2019	2.24%	3.94%	3.98%
May 2019	2.66%	4.37%	4.43%*
March 2019	2.92%	4.63%	4.69%*
January 2019	2.95%	5.06%	5.12%*
* Estimate as no 10-year refinancing bonds were sold